Patrick to Acquire Arizona Audio Company
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Elkhart-based Patrick Industries Inc. (Nasdaq: PATK) says it will acquire Rockford Corp., a designer and distributor of audio systems and components for the powersports, marine and automotive markets, headquartered in Arizona. Financial terms of the deal were not disclosed.
Rockford’s products are sold through the Rockford Fosgate brand, which is also part of the acquisition.
“Rockford’s proven track record of consistently and creatively adapting to changing market dynamics, with its extensive in-house design, engineering, and marketing resources, provides us with an excellent opportunity to leverage our combined distribution capabilities and geographic footprint to bring synergies to our markets and continue to expand our aftermarket product platform,” said Patrick Chief Executive Officer Andy Nemeth. “As with previous acquisitions, we will support Rockford with a financial and operational foundation that will allow it to continue to capitalize on its core competencies.”
Patrick says Rockford’s full-year revenues for 2021 totaled $155 million. The company will continue to operate as a subsidiary of Patrick at its existing facilities.
The acquisition is expected to close next month.